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DECISION No

DECISION No.808-TTg OF THE PRIME MINISTER OF DECEMBER 9, 1995 TO SET UP THE NATIONAL INVESTMENT SUPPORT FUND

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government of September 30, 1992;

Pursuant to Decree No.29-CP of May 12, 1995 of the Government providing details for the implementation of the Law on Domestic Investment Promotion;

At the proposal of the Minister of Finance and the Minister-Chairman of the Government Commission on Organization and Personnel,

DECREES:

Article 1.- To set up the National Investment Support Fund in order to raise fund and grant loans to the development investment projects in different branches and occupations under the preferential policy and in the areas with difficulties as defined by the Government.

The National Investment Support Fund is a State financial organization operating in the whole country, has the legal status, has its statutory fund, its balance accounts and its own seal, and is entitled to open its accounts at the State Treasury and the banks inside and outside the country. The main office of the Fund is located in Hanoi City.

The National Investment Fund shall operate according to its Statute ratified by the Prime Minister and come under the State management by the Ministry of Finance.

Article 2.- The National Investment Support Fund is made up of the following sources:

1. The statutory fund set at 1,100,000,000,000 (one thousand one hundred billion) Dong derived from the following sources:

a / Allocation from the State budget: 50% of the statutory fund.

b/ Contributions from State-owned insurance and credit organizations and State enterprises. The list of the contributing organizations and the level of contribution by each shall be submitted by the Minister of Finance to the Prime Minister for decision.

c/ Voluntary contributions from individuals and organizations inside and outside the country.

2. Mobilized capital. The National Investment Support Fund is also made up of mid-term and long-term capital from organizations and individuals inside and outside the country, investment credits of the State and other sources stipulated by the Government.

Article 3.- The National Investment Support Fund is a non-profit organization but it must assure capital retrieval and compensation for managerial expenditures.

The National Investment Support Fund is exempt from tax in order to reduce the interest rate of its loans to the development investment projects belonging to the branches and occupations which come under the preferential policies and the areas with difficulties.

The force majeure risks shall not be covered by the risk compensation fund and shall comply with the Financial Regulations of the Ministry of Finance.

Article 4.- The National Investment Support Fund is managed and run by the Managing Council and the Operational Office.

1. The Managing Council is the agency for the management of the National Investment Support Fund composed of members who are competent representatives of the Ministry of Finance, the Ministry of Planning and Investment, the Committee for Mountainous Regions and Ethnic Affairs, the State Bank, the General Director of the General Department for Development Investment and the representatives of a number of organizations in the country which contribute to the statutory capital of the Fund to be appointed by the Minister of Finance. The Managing Council is headed by a chairman and a deputy chairman.

The membership of the Managing Council shall be proposed by the Minister of Finance and decided by the Minister-Chairman of the Government Commission on Organization and Personnel who shall submit it to the Prime Minister for decision.

The main tasks of the Managing Council are:

- To examine and approve the orientation for operation, the financial plan and check the balance of accounts report of the Fund;

- To supervise and control the Operating Office of the Fund in the realization of the decisions of the Managing Council of the Fund.

- To submit to the Prime Minister the plan for supplementing and amending the statute, policies and operating mechanism of the Fund.

2. The Operating Office of the National Investment Support Fund shall be headed by a General Director who is the General Director of the General Department for Development Investment. The General Director shall use the apparatus of the system of the General Department for Development Investment to run the affairs of the Fund. He is assisted by a number of Deputy General Directors and a number of specialized sections. The Minister of Finance shall appoint the Deputy General Directors on the recommendation of the General Director.

The General Director is the representative of the legal person of the Fund. He is responsible for running and managing the operations of the Fund in strict observance of the Statute, and take responsibility before the Managing Council, the Minister of Finance and the law for all the activities of the National Investment Support Fund.

Article 5.- This Decision takes effect on the date of its issue.

The Minister of Finance, the other Ministers, the Heads of the ministerial-level agencies, the Heads of the agencies attached to the Government, the Presidents of the People's Committees of the provinces and cities directly under the Central Government, the Chairman of the Managing Council, the General Director of the General Department for Development Investment shall have to implement this Decision.

For the Prime Minister

Deputy Prime Minister

PHAN VAN KHAI